Gold's Short-term Volatility on main stage / #1,727.80 next

Gold's general commentary: As expected, my Fed minutes projection was spot on regarding hawkish speech and unchanged rate, which skyrocketed DX, but it had little or no affect on Gold. This is sideways on a #8-Hour basis or at least the equilibrium between the spot price (Xau-Usd) and Futures (GC) is regained, which as I have been mentioning, is the catalyst for the next move along with the DX and Bond Yields correlations. If the current Daily chart's candle turns green though, Gold will remain Neutral on #1-2 session base with #1,778.80 - #1,788.80 as an upper limit. Again, the disproportional rise of Gold throughout yesterday’s session against the mild decline on DX should tell a lot about Gold's underlying trend and why Gold is following DX, more than any other correlating asset. Again, the first test on the Resistance is so far unsuccessful as Short-term Traders seem to withdraw from the market, awaiting for confirmation by the Wall Street opening Bell today.


Technical analysis: The Hourly 4 chart is turning Neutral and as a result Gold may be going towards Lower ground, as it is well repeated cycle for almost #11 sessions now. However, if Gold breaks my Support and Neutral consolidation Rectangle which Gold respects, that will be quick Selling response and a call for #1,727.80 second Support test and #1,700.80 Lower Low extension, that’s why I will be ready with my set of Selling orders to pursue Lower Targets and Gold’s ultimate Bottom, as my annual projection of Gold is way below of #1.600,80 psychological barrier. If Gold breaks first Support (#1,763.80), it will be an aggressive downfall and quiet a Bearish continuation Intra-day (which I will later Buy), if not - Resistance test is possible, but both scenarios point out to a Neutral underlying trend and side Swings, without any conclusions regarding today's session. I am certain in Selling sequence and see no reason to change my Medium-term Bearish perspective, as it is surely within my models, but Gold firstly need to deliver the confirmation before I can take the opportunity with ease.


My position: I have closed my yesterday's Selling order (#1,775.80 entry point) near #1,764.80 configuration, which eased the Stop-loss hit #1 session ago, and will comfortably remain without a position unless Support breaks, where I will be ready to pursue Lower Targets. I am not interested in Buying on both Short and Medium-term, subsequently, I am not expecting much from today's session (side Swings mostly as DX Sold back yesterday's session gains), and most likely will remain off for the session. I am expecting #1,727.80 test mid-next Trading week.